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Temasek doubles its borrowing programme to US$10b
By Azhar Khalid, Channel NewsAsia | Posted: 05 February 2010 2049 hrs
SINGAPORE: Temasek Holdings has doubled the size of its medium-term note programme (MTN) to US$10 billion and suggested that there could be more future bond issues.
A Temasek spokesman said in a statement on Friday that "the aggregate amount of our issues of notes under the MTN programme to date is near the initial US$5 billion MTN programme limit.
"We have increased this limit to US$10 billion to cater for the possibility of future issues under the MTN programme."
So far, Temasek has borrowed about US$4.2 billion under the programme.
Rating agencies Moody's Investors Service and Standard & Poor's (S&P) Rating Services have maintained their highest ratings on Temasek Holdings following the doubling of its MTN programme.
Moody's has affirmed its "Aaa" rating on Temasek, saying the increase in the size of the MTN gave the Singapore fund greater financial flexibility.
"The Aaa ratings continue to reflect Temasek's strong financial profile at the holding company level, and are underpinned by the company's low book and market value-based leverage, excellent liquidity position and high-quality investment portfolio," said Moody's senior credit officer Elizabeth Allen in a statement.
Meanwhile, S&P said that its 'AAA' corporate credit rating on Temasek and its rated debt facilities reflect the company's very strong liquidity position, highly diversified and liquid investments. - CNA/vm
By Azhar Khalid, Channel NewsAsia | Posted: 05 February 2010 2049 hrs
SINGAPORE: Temasek Holdings has doubled the size of its medium-term note programme (MTN) to US$10 billion and suggested that there could be more future bond issues.
A Temasek spokesman said in a statement on Friday that "the aggregate amount of our issues of notes under the MTN programme to date is near the initial US$5 billion MTN programme limit.
"We have increased this limit to US$10 billion to cater for the possibility of future issues under the MTN programme."
So far, Temasek has borrowed about US$4.2 billion under the programme.
Rating agencies Moody's Investors Service and Standard & Poor's (S&P) Rating Services have maintained their highest ratings on Temasek Holdings following the doubling of its MTN programme.
Moody's has affirmed its "Aaa" rating on Temasek, saying the increase in the size of the MTN gave the Singapore fund greater financial flexibility.
"The Aaa ratings continue to reflect Temasek's strong financial profile at the holding company level, and are underpinned by the company's low book and market value-based leverage, excellent liquidity position and high-quality investment portfolio," said Moody's senior credit officer Elizabeth Allen in a statement.
Meanwhile, S&P said that its 'AAA' corporate credit rating on Temasek and its rated debt facilities reflect the company's very strong liquidity position, highly diversified and liquid investments. - CNA/vm
